New Delhi, Sept. 1 -- The White House revealed on Monday (local time) that Venezuela has granted the North American Blue Energy Partners (NABEP) 100-year concessions for 17 oil fields.

On Monday, the White House released the terms of the deal, which comes days after Washington DC and Caracas reached a deal that gave the former partial control over the oil reserves of Venezuela.

NABEP, a privately held oil company, is the second largest Venezuelan oil producer as well as a proven operator, and will be paying around $200 billion in royalty and taxes in the first 25 years, the White House revealed, as per Reuters.

A plan has been set up by the NABEP to rapidly scale up the production of oil from the oilfields they will be controllong, for...